StockTwits Market Preview 6/29/09

• kileyay
• June 29th, 2009

Futures are up slightly ahead of a shortened but busy week.

There’s no significant data today, though the rest of the week will see a string of news. On Thursday, both the European Central Bank’s policy statement and the U.S. June payrolls report are due out. Analysts expect range-bound currency trading before the major releases.

Overseas

Asia continues to slump. Japan’s Nikkei 225 Average closed down 1% despite upbeat data on industrial output, released before the opening bell, which showed a 5.9% rise in May. South Korea’s Kospi dropped 0.4%, and Hong Kong’s Hang Seng ended down 0.4%.

European stocks are making gains in thin trading. 

The Crude Outlook

Doubts over the outlook for crude-oil are so widespread that we’re still listening to a guy who lost over a billion bucks betting on its rise. @MDabbles reports on StockTwits: “[T. Boone] Pickens on TV now says oil $75-80 by year end, $147 in 2 years.”

The IEA has used two oil-demand scenarios – corresponding to a higher and lower GDP track — because of “widespread uncertainty” over the recovery. The positive global demand for oil is forecast to grow by 0.6% per year on average between 2008 and 2014, they said Monday.

Lately the higher-demand posse has been winning, with crude-oil doubling off its 2008 lows. WTI crude is going for $69.70 a barrel pre-market.

Merger Mania

Towers, Perrin, Forster & Crosby and Watson Wyatt Worldwide ($WW) said they have agreed to merge in a $3.5 billion deal, creating a global professional-services and human-resources group.

Anglo American ($AAUK) is reportedly repelling a merger offer from Xstrata by engaging in early stage negotiations with Chinalco ($ACH).

Novartis ($NVS) is reportedly in talks to buy parts of Elan ($ELAN), including its key multiple sclerosis drug Tysabri and Alzheimer’s disease drug pipeline.

Vodafone ($VOD) could buy T-Mobile UK ($DT) — a move that would shake up the British mobile phone market. 

Corporate

Apollo Group ($APOL) and H&R Block are scheduled to report earnings after the close.

StockTwits Sentiment

Here are the results of the weekend Bull Bear survey:

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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